Connecticut Retirement Plans & Trust Funds, Hartford, has added three real estate managers to the pension system's $1.5 billion real estate portfolio, confirmed state Treasurer Denise Nappier, principal fiduciary for the $25.9 billion pension system.
Ms. Nappier announced on Wednesday the selections, subject to successful contract negotiations, of J.P. Morgan Chase Strategic Property Fund, Prudential Property Investment Separate Account and UBS Trumbull Property Fund as part of the real estate portfolio's open-end core fund.
The size of the allocations could not be learned.
“The J.P. Morgan Chase Strategic Property Fund invests in large cap, multifamily, industrial, urban office and retail properties in U.S. major metropolitan areas,” Ms. Nappier said in an e-mail.
“Prudential Property Investment Separate Account invests in all core sector markets, including office, retail, and industrial, multifamily and self-storage,” Ms. Nappier added. “UBS Trumbull Property Fund has a suite of funds comprised of a core investment fund, a fixed-income fund and a core-plus value-add fund.”
Ms. Nappier made the announcement at a meeting of the state investment advisory council, which advises the treasurer on investment policies.
Also, the Connecticut Retirement Plans & Trust Funds reported an audited investment return of 11.64% for the fiscal year ended June 30, slightly higher than the estimated 11.49% return that had been announced in mid-July. For the fiscal year ended June 30, 2012, the pension system had an investment return of -0.9%.
The Connecticut Retirement Plans & Trust Funds is composed of six state pension funds and nine state trust funds.